All versions
Financial
The Excel TBILLYIELD function returns the yield of a Treasury bill given its price. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
Quick answer:
=TBILLYIELD(DATE(2026,1,1), DATE(2026,7,1), 97.5) // T-bill yield
Syntax
=TBILLYIELD(settlement, maturity, pr)
| Argument | Description | |
|---|---|---|
settlement | Required | Settlement date. |
maturity | Required | Maturity date (within one year). |
pr | Required | Price per $100 face. |
How to use it
TBILLYIELD returns the yield of a Treasury bill given its price. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
=TBILLYIELD(DATE(2026,1,1), DATE(2026,7,1), 97.5) // T-bill yield
Try it: interactive demo
Live demo
This is the formula pattern TBILLYIELD uses — copy it into Excel with your own numbers.
Result: computed in Excel
Practice workbook
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Frequently asked questions
How do I enter the dates?
Wrap settlement and maturity in DATE(year,month,day) so Excel reads real dates, not text.
Which Excel versions support it?
All modern versions.
Why might it return #NUM! or #VALUE!?
Out-of-range arguments (e.g. negative rate or settlement after maturity) give #NUM!; non-numeric inputs give #VALUE!.
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